Dedicated to Deposits: Deals, Data, and Discussion

AmTrustDirect Raises CD Rates, 12-Month CD Yield is Now 4.30%


AmTrustDirect just increased the rates on many of its online CDs. The 12-month CD yield increased from 4.15% to 4.30% APY. The yield for all the longer terms is now 4.35% APY (up from 4.25%). It was just last week when AmTrustDirect raised its 12-month CD yield to 4.15% APY.

Perhaps the CD promotions from major banks like Bank of America, Wachovia and WaMu are having an effect on smaller banks like AmTrust. The competition is helping to push rates higher.

One thing that annoyed me with AmTrustDirect is their recent e-Savings Account promotion. At first look of their e-Savings Account page, it appears the rate is 3.50% APY for everyone. However, if you read the small print, you'll find that this only applies to new accounts for the first 90 days. For those with existing e-Savings account, you'll only earn the standard rate of 2.50% APY. When I called on Monday for more information, I was told existing e-Savings customers may be able to get this rate if they call and ask for a retention offer.

In my opinion, this e-Savings page is a little deceptive. A good example of how to specify a promo rate is EverBank's home page. It clearly presents both the intro rate and the ongoing rate.

Please see my June review of AmTrustDirect CDs for more details about the CDs and AmTrustDirect's financial health. AmTrust has been hit hard by the mortgage crisis. As I recommend with any bank, make sure you stay below the FDIC insurance limits (AmTrust FDIC Certificate # 29776).

Thanks to the reader who mentioned this new one-year CD rate in the Finding the Best Deals post.

Related Pages: AmTrustDirect, CD rates

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Comment #1 by D (anonymous) posted on
I am really tired of all the little games that AmTrustDirect is continually playing. My wife and I have had several accounts with AmTrustDirect. They make it very difficult for existing customers to get their best savings rate.

As a result, we have moved almost all of our savings to other banks. Last week, I called and asked the customer service representative about transferring new money into our existing eSavings account (which currently only has $1.00) in order to get the 3.50% rate. She told me that we would not be able to get that rate (after a lengthy discussion with her supervisor).

AmTrustDirect does not seem to care very much about customer retention. And, I certainly agree that their website is deceptive.

Comment #2 by D (anonymous) posted on
One more comment:

I also pointed out to the customer service representative that their web page is deceptive, or confusing at best. She agreed and promised to pass my comments on to her supervisor.

My comments obviously did little good as nothing has changed. This makes me wonder if they are deliberately deceptive.

Comment #3 by Anonymous posted on
Thanks for pointing this out. I just noticed the small print. This is really annoying. They just lost another customer.

Comment #4 by Anonymous posted on
I had problems with AmtrustDirect awhile back. They played games with me and my funds. Finally was able to get all my funds back from them and close out the account.

I have stayed with HSBC and Countrywide and have not looked back. Both are local banks with local personnel and very high rates to boot.

Comment #5 by Dan The Man (anonymous) posted on
Dan The Man
I transfered a large summ to my e-savings Monday after seeing the higher rate. Just wanting for it to clear so I can transfer it back out.

Comment #6 by Anonymous posted on
I too was planning to transfer a large sum into my e-savings account. Thanks to these tips, I will definitely not do so. What a lousy way for them to do business!

It's sad that AmTrustDirect is being deceptive and obviously unconcerned for retaining current customers.

Comment #7 by Anonymous posted on
I agree that the offer is deceptive. I inquired to see if new money would earn the new rate and never got a clear cut answer. It was just a reiteration of the ad. Although I like the bank, it should not abandoned its current customer base.
Perhaps, Amtrust thought its current customers would be too obtuse to read their fine print.